Unit 4a - International Economics Vocabulary (SSEIN1 & SSEIN2)

Front

The exchange of goods, services, and/or productive resources among individuals, businesses, and/or governments.

Back

Trade

Front

An individual, firm, or country using the fewest inputs to produce the same amount of output or the individual, firm, or country producing the largest number of units of output given the same productive resources.

Back

Absolute advantage

Front

An individual, firm, or country has the lowest opportunity cost for producing the good or service.

Back

Comparative advantage

Front

The next best alternative.

Back

Opportunity Cost

Front

The value of a country’s exports minus the value of its imports during a specific time.

Back

Balance of trade

Front

If the value of a country’s exports exceeds the value of its imports.

Back

Trade Surplus

Front

If the value of a country’s imports exceeds the value of its exports.

Back

Trade deficit

Front

Goods a country brings into the country, produced by other countries.

Back

Import

Front

Goods a country sells to other countries.

Back

Export

Front

A combination of things that limit the flow of goods, services, and productive resources between countries

Back

Trade barriers